FX.co ★ Yellen criticizes OPEC’s decision to cut oil production

US Treasury Secretary Janet Yellen said OPEC’s decision to cut oil production was "useless and unwise" for the global economy.

Moreover, Yellen stated that it would not confer any benefit and could even hurt the economy.

The US Treasury Secretary criticized OPEC's decision and noted that the US was "very concerned about developing countries and the challenges they face''. Yellen also added that the current problems of the commodity market would have a negative impact on the economy of developing countries.

Moreover, the head of the US Treasury condemned Washington's partners for the delay in sending financial assistance to Kyiv. "The pace of transferring money to Ukraine is too slow,” Yellen stressed.

On October 5, OPEC, the world’s oil cartel, and its allies agreed to a significant reduction in oil output from November 2022. The oil-producing countries are expected to cut production by 2 million barrels per day.